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Andy Lipow of Lipow Oil Associates argues the state of the economy will cause prices to fall in coming weeks.
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Allen who joined the company from Houston -- -- and the in the crowd with look how oil associates have is that around.
It's -- it all gas prices gonna keep on going -- what's your opinion.
Well I think they'll go up over the next two weeks another five or seven cents a gallon but I think then we're gonna see the peak and I'll start falling because.
The market is looking at demand destruction in the US of about 6% year on year.
Well we've had demand destruction before I told a -- like almost a year every week demand for gasoline -- gone down.
A yet that demand destruction has not cut the price and stopped it from going up why should it make a difference now.
Well I think we're gonna have a bunch of events happening -- seeing more oil being released that is Saudi Arabia coming over this way -- supply US refineries as well as going into storage.
And I think that's gonna have an impact as well it's just the higher prices are trickling through the economy.
Not only here but in China where they just implemented that 6% price rise these -- gonna impact demand around the world.
So you do not see five dollar gas.
In fact you put it -- even see four dollars as the national average right.
And that's correct I don't see four dollars a gallon unless the Middle East it really takes a turn for the worse and we see a supply disruption through the straits of Hormuz.
Alright a very interesting so you expect this rise to level off in the next couple weeks may be around 3939394.
As the national average R&B we appreciate your point of view a would be checking on that average price because we've all an interest in it and -- powerful effect I.
